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MGT 502 Walsh

 

Question 1

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Each of the following questions refer to characteristics of the four types of firms (perfect competition, monopolistic competition, oligopoly, monopoly). Provide the correct answer for each blank. BE SURE TO READ CAREFULLY AND USE ONLY THE TERMS LISTED: "MANY", "FEW", "NONE", "YES", "NO", etc.

Questions 1-2 apply to Perfect Competition.

Question:

Ability to set price?

YES or NO

Question 2

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Product differentiation?

None, Considerable, Frequent

Question 3

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Questions 3-5 apply to Monopolistic Competition.

Question:

Number of sellers?
None, few, or many?

 

 

 

 

Question 4

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Product differentiation?

Yes or No

Question 5

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Non-price competition?

Yes or No

 

 

 

Question 6

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Questions 6-7 apply to Oligopoly.

Question: 

Number of sellers? 
Many, Few, or One

 

 

 

 

Question 7

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Product differentiation?
None, Some, Considerable

Question 8

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2 points out of 2
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Questions 8-10 apply to Pure Monopoly

Question:
Unrestricted entry and exit? 
Yes, Partial, No

 

 

 

 

Question 9

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2 points out of 2
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Nonprice competition?

Yes or No?

Question 10

Complete
2 points out of 2
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Ability to set price?

None, Some, Considerable

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